Alexandria, Virginia-based Burke & Herbert Bank has made its intention to trade on the Nasdaq official, submitting an application to list its common stock on the Nasdaq Capital Market.
The bank has not yet set a date or price for the initial Nasdaq offering.
Burke & Herbert’s first branch opened in Alexandria in 1852, making it the oldest continuously-operating bank doing business under its original name headquartered in the D.C. region.
The bank announced plans to list on the Nasdaq last November. Its stock is currently thinly traded on the Pink Sheets market. The move to the Nasdaq will lift its profile as a publicly traded company.
“Today’s announcement is an important part of our overall growth strategy that includes creating additional access to capital, increasing trading volume, providing better liquidity for our shareholders, and creating greater visibility within the investor community,” said president and CEO David Boyle.
Last year, Burke & Herbert formed a holding company — Burke & Herbert Financial Services Corp. — a reorganization it said would increase its access to capital for expansion.
In August, it opened a commercial lending office in Bethesda — its first presence in Maryland.
The bank also recently bought a building in Alexandria to consolidate a large portion of its office staff. It purchased 5680 King Centre Drive for $22 million.
The consolidation allowed Burke & Herbert to bring together a large portion of its workforce from several departments that had been dispersed across various locations. It has maintained its main headquarters at 100 South Fairfax Street in Old Town.
Burke & Herbert now has more than 20 branches in Northern Virginia and the Fredericksburg and Richmond areas with $3.6 billion in assets.
